Anything pertaining to failing at failing. In other words, trying to do something that one admits to being a stupid idea and failing at said idea. An action of schlueting is performed by a schlueter

schlueter: well, I think I can bike across the country during summer vacation.
non-schlueter: yeah, but once you get to California after three months, how are you getting back to New York
schlueter: well, I forgot about that!
non-schlueter: schlueter, quit schlueting around!